Yen Slips to Nine-Month Low

On Friday, yen slipped to the nine-month low ahead of Japan elections on Sunday to get a prime minister, who seems to be keen on pushing for more money printing by the central bank and get the moribund economy somewhat stimulated.

The reports are coming from the Japanese media confirming a big support to the conservative Liberal Democratic Party (LDP), which seems to mark the approaching elections with a stunning victory. This further cements the speculations of LDP leader Mr. Shinzo Abe pushing for bold monetary easing.

"The market is growing confident the next government will be one of the most aggressive about easing that you could think of", said a trader at a Japanese bank. He added about the present market trend, in his statements which he said, is seeing more people buying the dollar after the Fed's meeting as it didn't fall much as compared to yen.

The dollar equals 83.85 yen, which is up by 0.3 percent from the late U. S. levels. It has earlier risen to a high of 83.95, reaching its peak, in March with 84.187. On the other hand, Euro has also moved up and jumped to an eight-month high of 109.63 yen, thereby ending the week by almost 3 percent higher on the yen.


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